On Disbelief and Greed

Spectacular move on SCC today! I asked myself this morning...Why in the world do I not follow my own recommendations? Hahaha! First target objective achieved! :) And wow, a six peso cash dividend, just like last year! 

The Aboitizes continued to go up today but if you look at the chart, it's still too early to say that they are continuing their uptrend. 

I was talking to an officemate this morning. He told me his thoughts about the reason behind the strength and weakness of selected issues. In the strong stocks, a lot of people sell early, thinking that the uptrend is over. When they are proven wrong, they end up buying up higher, which fuels the stock to go higher. If you'd take a look at AP, it has been on an uptrend since the latter part of 2008. Last year, I saw this one was in an uptrend but did I buy? No. It was only recently that I started buying and I already sold. And I bought back higher. Hahaha! Perfect example. Although it is kinda scary to buy AP already since it's so high! Parabolic spike. Actually, we've been calling a parabolic spike on this one for a long time already but it still hasn't stopped going up. Maybe when you hear everybody say it's headed to 20 that AP will not reach 20. I heard somebody say that he was given a tip that it's gonna be 20. But did he buy? No. As I said, I'm still kind of scared of AP. So, as long as people are scared, maybe this one can still head higher. So..Fear is good! The scarier the better! I have my fingers crossed. 

ICT was a bit frustrating today as it wasn't able to sustain its gains. This morning, I was thinking whether I should sell already because of the similarity of the price movement it did today and yesterday with last April 21 and 22. If you'd notice, day 1 of this two day formation is a long white candle. In day 2, it gaps up at the open, rallies to a certain price but isn't able to hold on to its gains. If history is right, ICT may consolidate for the next couple of trading days.

Because of ICT, we had some bloopers in the office today. See, there are two traders who have ICT. When they saw ICT at 31 today, they were already tempted to sell and secure their profits. But did they sell? No. When it started to go down, they pointed fingers at each other. Jokingly, of course. 

Trader 1: Si Trader 2 kasi eh! Naglabas ng calculator...

Trader 2: Sabi mo kasi, 35 coming!

Trader 3: That's what you call greed.

Hahahaha!